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Income Tax Dept. Identifies Rs. 5,400 Crore Undisclosed Income Post Demonetization
July 31, 2017
About 5.56 lakh account holders with a combined income of Rs. 5,400 crores have been unearthed by the Income Tax department through 1100 search operations carried out since the demonetization drive. Moreover, about 5,100 verification notices have been issued by the department in the cases involving high-value cash deposits.
Arjun Ram Meghwal, Minister of State for Finance, in a written reply to the Rajya Sabha said that the investigations by the IT department have helped seize valuables worth Rs. 610 crore out of which Rs. 513 crore was cash.
